Can anyone tell me , whether Interest Accrued on NSC is eligible as qualifying amount for Section 80 C for the assessment year 2011-12
CA RAJESH ARORA (PROPRIETOR) (30 Points)
07 February 2012Can anyone tell me , whether Interest Accrued on NSC is eligible as qualifying amount for Section 80 C for the assessment year 2011-12
Deepak Gupta
(CA Student)
(15922 Points)
Replied 07 February 2012
Entitled to claim benefit of section 80C on this re-invested interest.
The amount of interest re-invested will satisfy the test of having been paid out of income chargeable to tax to get the NSC and so will be entitled to deduction under section 80C.
>> The interest accrued every year is to be included in your taxable income.
Kaushik Dedhiya
(Associate CWA CA Final)
(133 Points)
Replied 07 February 2012
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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